NIA DG commends RACC for strengthening governance, compliance efforts

Abdullateef Fowewe

The Director-General of the Nigerian Insurers Association (NIA), Bola Odukale, has commended the Risk, Audit and Compliance Committee (RACC), a committee under the NIA, for its dedication and significant contributions to strengthening governance within the insurance industry.

Video link: NIA DG commends RACC for strengthening governance, compliance efforts

Speaking at RACC’s year-end gathering held on Thursday at the NIA office, Odukale praised the committee’s consistency and impact.

“From your regular monthly meetings to the highly impactful training sessions, seminars, and retreats including the landmark 2025 retreat themed ‘Insurance Industry Recapitalization: Strengthening Governance Activities for Maximum Benefits’ held in Abeokuta with nearly 150 participants, your commitment to excellence has been exemplary,” she said.

She also highlighted RACC’s key role in regulatory compliance and policy development through its contributions to the Nigerian Insurance Industry Reform Act (NIIRA) and ongoing collaboration with NAICOM.

“The Committee’s critical contributions this year underscore its central role in shaping regulatory compliance, governance, and policy within the industry,” she noted.

Looking ahead, Odukale announced a strategic step for 2026, revealing that letters have been sent to all Chairmen and Secretaries of NIA technical committees requesting a summary of their 2025 achievements, challenges encountered, and 2026 plans, including cost implications.

According to her, the exercise aims to align committee activities with NIA’s broader focus on compliance, governance, and industry resilience.

Also addressing the gathering, Chairman of RACC, Olugbenga Akinlalu, represented by Vice Chairman, Modupe Akinwande, outlined the committee’s focus and efforts for 2025.

He noted that the committee has reviewed its experiences and begun planning strategic actions for the coming year.

Akinlalu underscored RACC’s proactive engagement with the NIIRA, saying, “We’ve reviewed the NIIRA document, the Act itself, and identified areas where our members need to pay particular attention.”

He further emphasised the committee’s ongoing support for insurance companies on recapitalization compliance, capacity building, and regular engagement with the regulator.

“We are helping our members pay close attention to NIIRA’s recapitalization requirements. We share relevant circulars and brainstorm regularly on how best to support our members,” Akinwande added.